Iraqi Oil Minister Jabar al-Luaibi (C) attends the Iraqi oil and gas exploration and development contract auction in Baghdad, April 26. (REUTERS/Khalid al-Mousily)
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Iraq's oil ministry said Thursday it has granted licences to explore oil blocs in zones bordering Iran for the first time in half a century.Licences have been issued to two Chinese companies and one Emirati firm for three blocs close to Iran and one near Kuwait, according to the ministry.Emirati company Crescent Petroleum won the licence to exploit the Khider Mai field, bordering Kuwait, while Chinese firm Geo-Jade Petroleum won two blocs close to Iran.The fourth of the oil contracts was won by another Chinese firm, United Energy Group, which will receive 4.55 percent of profits for exploiting the Sinbad bloc in Basra province, close to the Iranian border.
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